Source: © Statista 2021
The buying and selling of goods and services over the internet and the financial and data transfers used to perform these purchases is e-commerce. Internet shopping has become one of the most common online activities globally. Although the E-commerce business showed a steady upward trend from 2014, the COVID-19 pandemic in 2020 increased the number of e-commerce consumers worldwide by 16.1 %, while online e-commerce revenues globally totaled $4.28 trillion US dollars (source: statista).
Here are some of the promising developments in the future of e-commerce.
· Knowing that millions of customers use social media applications per year gives eCommerce company owners an edge. Every day, people make purchases through social media. This eCommerce trend saves customers time and money when completing orders on social media, allowing them to buy more efficiently.
· The future will open up a massive gap for extending cross-border transactions to countries where e-commerce penetration has historically lagged.
· Ecommerce automation is a rapidly expanding aspect of the online industry. However, in terms of potential e-commerce developments, some of the most widely discussed today are robotics and machine learning. The use of autonomous vehicles, such as drones, would significantly reduce delivery time, allowing orders to be shipped quicker than ever.
· Ecommerce shops can become more personal for shoppers by tracking their tastes and tailoring their e-commerce experience depending on the items they want and are interested in. Given that humans love social interaction with other individuals, it's no wonder that e-commerce is seen marginally less intimate and slightly less about the personal experience than retail shopping.
· Since more and more users depend on Siri, Alexa, Google Assistant, or similar applications for shopping, you will need to change the keywords for your ecommerce business over time to be compatible with voice-based transactions.
· Customers are increasingly concerned about the environmental effects of a commodity. They encourage businesses to take action, such as pursuing long-term sustainability goals and including low-tier vendors. Another critical component of sustainable e-commerce is good care of workers, which requires adequate pay and working conditions.
In 2022, e-commerce retail sales is expected to reach 5.4 trillion US dollars (source: statista). COVID-19's rise, on the other hand, will decide how online consumption, purchasing habits, and the overall future of e-commerce and the global retail industry in 2022 and beyond will look. The E-commerce future will undoubtedly be full of exciting developments and improvements for both companies and consumers. If you are an entrepreneur or working with an e-commerce business, it is critical to have your finger on the pulse of developments in the e-commerce environment. The best advice is to continue studying.
Source: © Statista 2021